Cracknell: Annuities' 'death' could become self-fulfilling prophecy

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Negative headlines about annuity sales next April could lead to a "tragedy" of retirees refusing to buy them, according to The Pensions Advisory Service (TPAS) CEO Michelle Cracknell.

Cracknell said calls to the organisation's helpline in April and May were expected to be about small issues. However, Cracknell warned that these calls might turn into horror headlines about annuities, which would have a cumulative effect. "There could be an overreaction to what happens in April and May. From what we have seen on our helpline, April and May is going to be dominated by people tidying up little bits and pieces they may have accumulated; just doing a bit of housekeeping. "It would be a tragedy if the headlines were running ‘nobody buys annuities' and that becomes a se...

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